Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>In our “Nugget series” we aim at visualizing the most important themes in global macro with a few timely charts and very few words.</li><li>This nugget will show why USDCNH is the by far most important global bellwether at this stage and why 7.20 (or 7.30) will serve as the most important level to watch in global macro.</li><li>Let’s look at 3 charts why USDCNH is a very binary predictor of risk assetsUSDCNY has served as a risk asset barometer around key intervention levels.</li></ul>

In our “Nugget series” we aim at visualizing the most important themes in global macro with a few timely charts and very few words.This nugget will show why USDCNH is the by far most important global bellwether at this stage and why 7.20 (or 7.30) will serve as the most important level to watch in global macro.Let’s look at 3 charts why USDCNH is a very binary predictor of risk assetsUSDCNY has served as a risk asset barometer around key intervention levels.

Macro Strategy Nugget: Why USDCNH > or < 7.30 is everything you need to watch

Cross Asset Strategy

<ul><li>Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.</li><li>The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.</li><li>Follow along as we dissect market sentiment and positioning data below.</li></ul>

Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.Follow along as we dissect market sentiment and positioning data below.

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

Head of Research, Steno Research

Emil Moller

Head of Research

<ul><li>As always, we are here to take you through the relevant positioning data that we have gathered throughout the week.</li><li>This week marked the first brutal decline in markets after a prolonged period of continuous rally, triggered by the BoJ decision.</li><li>The sudden pullback in UST duration has had a spill-over effect on all markets.</li></ul>

As always, we are here to take you through the relevant positioning data that we have gathered throughout the week.This week marked the first brutal decline in markets after a prolonged period of continuous rally, triggered by the BoJ decision.The sudden pullback in UST duration has had a spill-over effect on all markets.

<ul><li>Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global markets.</li><li>Main takeaway: Bond bears had a significant setback this week following a mild inflation report – and that comes after a substantial surge in yields the previous week.</li><li>Now, we eagerly examine the market’s repositioning here in the aftermath of the reversal.</li></ul>

Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global markets.Main takeaway: Bond bears had a significant setback this week following a mild inflation report – and that comes after a substantial surge in yields the previous week.Now, we eagerly examine the market’s repositioning here in the aftermath of the reversal.

Positioning Watch – Preparing for (dis)inflation?

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

<ul>
<li>The SPDR® S&amp;P 500 ETF Trust is primed to receive support from lower implied risk premiums amid an interest rate slowdown from the Federal Reserve.</li>
<li>However, a broad-based analysis suggests that the S&amp;R 500 and the SPDR S &amp;P 500ETF Trust are potentially undervalued.</li>
<li>The S&amp;P 500's (SP500) year-to-date surge might have surprised many, as the talk of the town at the turn of the year was geared toward a sustained market drawdown until an interest rate pivot occurred.</li>
</ul>


The SPDR® S&amp;P 500 ETF Trust is primed to receive support from lower implied risk premiums amid an interest rate slowdown from the Federal Reserve.
However, a broad-based analysis suggests that the S&amp;R 500 and the SPDR S &amp;P 500ETF Trust are potentially undervalued.
The S&amp;P 500's (SP500) year-to-date surge might have surprised many, as the talk of the town at the turn of the year was geared toward a sustained market drawdown until an interest rate pivot occurred.


United States

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

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SPDR S&P 500 (SPY US)

Macro Strategy Nugget: Why USDCNH > or < 7.30 is everything you need to watch

In our “Nugget series” we aim at visualizing the most important themes in global macro with a few timely charts and very few words. This nugget...

Steno Research

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility...

Steno Research

Positioning Watch: From Japan with Love

As always, we are here to take you through the relevant positioning data that we have gathered throughout the week. This week marked the first...

Steno Research

Positioning Watch – Preparing for (dis)inflation?

Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global...

Steno Research

SPY: Moderate Gains In Store?

The SPDR® S&P 500 ETF Trust is primed to receive support from lower implied risk premiums amid an interest rate slowdown from the Federal Reserve.

Pearl Gray Equity and Research

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